NIMA Gains 6th State
The Florida Office of Insurance Regulation has announced that South Dakota has become the 6th state to join the Non-Admitted Insurance Multi-State Agreement. According to OIR, the six NIMA states represent 19.6 percent of the surplus lines market countrywide, according to 2009 data.
The OIR believes additional states may join NIMA when the July 21, 2011 deadline established in the federal Non-Admitted and Reinsurance Reform Act arrives. Meanwhile, other states have joined the SLIMPACT compact, which has received broader support from industry trade groups.